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Updated about 7 years ago,
Will a LLC be needed in this scenario?
Hey Everyone -
Background: I own a duplex in Minneapolis with a partner and both of our names are on the mortgage.
I am currently about to get a Triplex under contract with a different partner. The partnership will consist of 50/50 down payment then 50/50 on expenses, cashflow etc...
I will be able to qualify for a 30 year fixed rate and the partner won't need to go on the lease but do I purchase in the same way by just having my name on the mortgage or do I purchase under a LLC (which was my original plan and I have already created) to protect the duplex I have above?
Looking for some advice on what works best or the best way to structure without making it too confusing to manage once I begin to scale.
Thanks!